Howmet Aerospace (NYSE:HWM) reported a strong second quarter on July 27, 2023, with revenue increasing 24% year-over-year to $2.68 billion, surpassing guidance expectations. Adjusted EBITDA rose 39% to $855 million, while earnings per share jumped 46% to $1.33. The company generated $479 million in free cash flow during the quarter and lifted its full-year outlook, projecting $10.05 billion in revenue and $3.23 billion in EBITDA.
In the aerospace sector, commercial aerospace revenue grew by 28% and defense aerospace revenue increased by 11%, driven by demand for both new and spare parts. Howmet also completed the CAM Fastener acquisition for approximately $1.8 billion, with integration efforts on track. The company’s capital expenditures are expected to exceed $500 million in 2026 and continue rising in 2027 to support growth.
For the third quarter, Howmet anticipates revenue of approximately $2.75 billion and adjusted EBITDA of $830 million. The firm also announced a 17% dividend increase to $0.14 per share, payable in August.
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